07262016Tue
Last update: Tue, 26 Jul 2016 05am

Asia

Markets - Commodities - Asia

Adani plans $1.5bn copper smelter to boost solar ambitions MUMBAI/SYDNEY: Indian billionaire Gautam Adani-controlled conglomerate Adani Enterprises plans to build a copper smelter with an eye to furthering its ambitions in the solar sector, said a source familiar with the plan.The company recently sought environmental approval to set up a 1-million-tonne-per-year copper smelter in the western state of Gujarat, according to an application submitted by the company which was reviewed early this month by the Environment Ministry.The smelter is expected to cost 100 billion rupees ($1.47 billion) and will source copper concentrate through imports, the application stated, without providing the reasoning behind the new foray.The source, who spoke on condition of anonymity, said that the smelter however, is expected to feed into its proposed solar panel manufacturing capacity, fueling the company's ambitions of becoming an integrated solar power company.The project will not be an entry into the commercial copper business for Adani, also India's biggest coal importer, but will ...

Markets - Commodities - Asia

Palm oil reverses track to gain tracking rival soy KUALA LUMPUR: Malaysian palm oil futures rose for a second session in four on Friday as better performing rival soy oil gave the market a late boost even though a stronger ringgit weighed on prices earlier in the day.Benchmark palm oil futures for September delivery on the Bursa Malaysia Derivatives Exchange were 0.3 percent higher at 2,359 ringgit ($590) per tonne at the close of trade, recording a fourth straight weekly fall.Traded volumes stood at ...

Markets - Commodities - Asia

Palm oil recovers from early losses, tracking rival soy KUALA LUMPUR: Malaysian palm oil futures bounced back from early losses to close 1.3 percent higher on Thursday, as the market recovered from an oversold state, while gains in soy also boosted sentiment.Palm lost 10.2 percent in June on weak fundamentals, as traders expect seasonal output to rise from now until the final quarter of the year, while exports are also seen slowing down until the next major festive season of Diwali in late October.Benchmark ...

Markets - Commodities - Asia

Palm oil recovers from early losses, up nearly 1.5pc KUALA LUMPUR: Malaysian palm oil futures bounced back from early losses to trade nearly 1.5 percent higher on Thursday, as the market recovered from an oversold state, while gains in soy also boosted sentiment.Palm has declined 11.3 percent so far this month on weak fundamentals, as traders expect seasonal output to rise from now until the final quarter of the year, while exports are also seen slowing down until the next major festive season of ...

Markets - Commodities - Asia

CBOT corn may fall towards $3.18-1/4 in three months  SINGAPORE: CBOT corn may fall towards its Oct. 1, 2014 low of $3.18-1/4 per bushel over the next three months, as a bounce from this level has completed.The bounce has adopted a corrective wave mode, consisting of three waves, with the third wave labelled c having peaked around a resistance at $4.42-1/4, the 23.6 percent Fibonacci retracement on the downtrend from the Aug. 2012 high of 8.43-3/4.This downtrend could be broken down into five waves. ...

Markets - Commodities - Asia

Gold edges down as calm returns after Brexit shock BENGALURU: Gold fell on Thursday after rising as much as 1 percent during the previous session, with safe-haven demand easing as the shock of Britain's decision to leave the European Union began to fade.Asian stock markets rose on Thursday, tracking an overnight rally on Wall Street, while the dollar remained near a 3-1/2 month high against a basket of currencies as global markets regained a semblance of calm.Spot gold had fallen 0.3 percent to $1,314.30 ...

Markets - Commodities - Asia

Iron ore seen boxed below $50 in H2 as glut persists MANILA: After an unexpected rally in the first months of 2016, iron ore should fall back below $50 a tonne in the second half of the year as more of the bulk commodity hits an oversupplied market, a Reuters poll showed.But prices should still be up on the year, analysts say, thanks to an early-year rally in Chinese steel futures that spread to iron ore and helped the raw material recover from a three-year slide.Iron ...